Nifty InstaView 01 Mar’21: Takes a Break from Breaking

Nifty View: An “Inside Bar” for the benchmark Nifty index in today’s session. This is a consolidation post the sharp sell-off which we noticed on Friday. Today’s gain is promising with participation coming in from mid and small caps, but its the sustenance of this bounce back which is now more important. A move above today’s high will definitely see some more upsides and in that case we can expect resistance from (14,950-15,000). On the downside, the index deals with supports at (14,500-14,600) which comes in from a rising channel and highs of mid-Jan’21. It’s the downside which is more critical now, because a confirmed break below 14,500 will for sure lead to further & significant downsides.

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